Guardfolio Research · ETF Concentration
SPY ETF Concentration: Top 10 Holds 37.4%
SPY (SPDR S&P 500 ETF Trust) has an HHI of 212.04 and about 47.16 effective positions as of 2026-08-22. The largest holding is about 8.0%; the Top 10 sum to 37.4%, led by NVDA, AAPL, MSFT, AMZN, GOOGL. SPY is the liquid S&P 500 reference; use it as the baseline before judging growth or sector ETFs.
Concentration Snapshot
Band
Moderate concentration versus the Guardfolio 22-fund ETF set. Peer context: VGT HHI 750.94; XLK HHI 590.81; VUG HHI 565.32.
The Data
SPY top holdings and concentration math
Weights are normalized from licensed full holdings. HHI is the sum of squared percentage weights. Effective positions = 10,000 / HHI. This page is part of Guardfolio's concentration cluster, separate from ETF overlap pair pages.
| Provider | Financial Modeling Prep |
|---|---|
| Fund date | 2026-08-22 |
| Holdings counted | 504 |
| Top 3 / Top 5 | 20.4% / 27.3% |
| Holding | Weight |
|---|---|
| NVIDIA CORP (NVDA) | 8.0% |
| APPLE INC (AAPL) | 7.0% |
| MICROSOFT CORP (MSFT) | 5.4% |
| AMAZON.COM INC (AMZN) | 3.9% |
| ALPHABET INC CL A (GOOGL) | 3.0% |
| BROADCOM INC (AVGO) | 2.6% |
| ALPHABET INC CL C (GOOG) | 2.4% |
| META PLATFORMS INC CLASS A (META) | 1.8% |
| MICRON TECHNOLOGY INC (MU) | 1.7% |
| ELI LILLY + CO (LLY) | 1.5% |
Educational snapshot only. Holdings and weights change. HHI does not measure return correlation or future risk.
Why it matters
Concentration vs overlap for SPY holders
SPY is the liquid S&P 500 reference; use it as the baseline before judging growth or sector ETFs. If you also hold QQQ, VUG, IWF or a megacap stock, look-through exposure can stack even when fund labels look different. After this page, check pairwise overlap and the portfolio concentration calculator.
ETF overlap checker · Concentration risk hub · Portfolio X-Ray
FAQ
SPY concentration: common questions
How concentrated is SPY?
SPY has an HHI of 212.04 and about 47.16 effective positions based on licensed full holdings dated 2026-08-22. The largest holding is about 8.0% and the Top 10 holdings sum to about 37.4%.
What are the largest holdings in SPY?
The largest contributors include NVIDIA CORP (NVDA) 8.0%; APPLE INC (AAPL) 7.0%; MICROSOFT CORP (MSFT) 5.4%; AMAZON (AMZN) 3.9%; ALPHABET INC CL A (GOOGL) 3.0%; BROADCOM INC (AVGO) 2.6%; ALPHABET INC CL C (GOOG) 2.4%; META PLATFORMS INC CLASS A (META) 1.8%.
Is SPY more concentrated than the S&P 500?
SPY's HHI of 212.04 is closer to broad-market wrappers than mega-cap growth or pure tech sector funds. Compare Top 10 and HHI with SPY, VOO and VTI.
Does concentration mean SPY overlaps with other ETFs?
Concentration measures how much weight sits in a few names inside one fund. Overlap measures shared holdings across two funds. A concentrated ETF can still pair badly with another fund that owns the same megacaps. Check the ETF overlap checker after you review concentration.
Related concentration pages